First Horizon National Corp. is getting closer to putting its mortgage woes behind it.

The Memphis company announced late Tuesday that it will pay $110 million to the Federal Housing Finance Agency to settle allegations that it sold faulty mortgages to Fannie Mae and Freddie Mac in the years leading up to housing bust. As a result of the settlement, a lawsuit that FHFA, which oversees Fannie and Freddie, filed against First Horizon and affiliated parties in 2011 will be dismissed.

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